UBS on oil after the attack on Saudi production facilities

Where we are at is its expected there will be supply disruptions, for how long depends on how quickly the facilities can be repaired, but in the very short term, ie coming days, its expected Saudi can continue supply from stocks. UBS caution:

spare capacity is limited

However, spare capacity is primarily in the hands of the Saudis UBS assess this at 70% of spare capacity)

add that, with 70% of spare capacity, attack is a reminder that large disruptions in Saudi Arabia mean the ‘reaction function’ of OPEC to cover any supply disruptions is limited